Quarterly report [Sections 13 or 15(d)]

Consolidated Balance Sheets

v3.25.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
ASSETS    
Investments at fair value: $ 5,147,773 [1],[2],[3] $ 4,932,669 [4],[5],[6]
Cash and cash equivalents 30,568 78,251
Interest and dividend receivable and other assets 90,110 98,084
Deferred financing costs (net of accumulated amortization of $16,838 and $14,592 as of September 30, 2025 and December 31, 2024, respectively) 14,483 12,337
Total assets 5,282,934 5,121,341
LIABILITIES    
Debt 2,149,768 2,122,371
Accounts payable and other liabilities 61,949 69,631
Interest payable 18,573 23,290
Dividend payable 22,832 22,100
Deferred tax liability, net 95,237 86,111
Total liabilities 2,348,359 2,323,503
Commitments and contingencies (Note K)
NET ASSETS    
Common stock, $0.01 par value per share (150,000,000 shares authorized; 89,536,504 and 88,398,713 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively) 895 884
Additional paid‑in capital 2,451,987 2,394,492
Total undistributed earnings 481,693 402,462
Total net assets 2,934,575 2,797,838
Total liabilities and net assets $ 5,282,934 $ 5,121,341
NET ASSET VALUE PER SHARE (in dollars per share) $ 32.78 $ 31.65
Line of Credit | Revolving Credit Facility    
LIABILITIES    
Debt $ 211,000 $ 384,000
Unsecured Notes | July 2026 Notes    
LIABILITIES    
Debt 499,583 499,188
Unsecured Notes | June 2027 Notes    
LIABILITIES    
Debt 399,497 399,282
Unsecured Notes | August 2028 Notes    
LIABILITIES    
Debt 347,848 0
Unsecured Notes | March 2029 Notes    
LIABILITIES    
Debt 347,541 347,002
Unsecured Notes | SBIC debentures    
LIABILITIES    
Debt 344,299 343,417
Unsecured Notes | December 2025 Notes    
LIABILITIES    
Debt 0 149,482
Control investments    
ASSETS    
Investments at fair value: 2,416,174 [2],[7] 2,087,890 [5],[8]
Affiliate investments    
ASSETS    
Investments at fair value: 892,914 [2],[9] 846,798 [5],[10]
Non‑Control/Non‑Affiliate investments    
ASSETS    
Investments at fair value: $ 1,838,685 [2],[11] $ 1,997,981 [5],[12]
[1] All portfolio company headquarters are based in the United States, unless otherwise noted.
[2] Investment Fair Value was determined using significant unobservable inputs, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments —Portfolio Composition for further discussion. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.
[3] All investments are LMM (as defined below) portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of LMM portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for
the Corporate Facility or SPV Facility (each as defined below) or in support of the debentures guaranteed by the SBA (as defined below) and issued by the Funds (as defined below).
[4] All portfolio company headquarters are based in the United States, unless otherwise noted.
[5] Investment Fair Value was determined using significant unobservable inputs, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for further discussion. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.
[6] All investments are LMM portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of LMM portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for the Corporate Facility or SPV Facility or in support of the debentures guaranteed by the SBA and issued by the Funds.
[7] “Control” investments are defined by the 1940 Act as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.
[8] “Control” investments are defined by the 1940 Act as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.
[9] “Affiliate” investments are defined by the 1940 Act as investments in which between 5% and 25% (inclusive) of the voting securities are owned and the investments are not classified as Control investments.
[10] “Affiliate” investments are defined by the 1940 Act as investments in which between 5% and 25% (inclusive) of the voting securities are owned and the investments are not classified as Control investments.
[11] “Non-Control/Non-Affiliate” investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.
[12] “Non-Control/Non-Affiliate” investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.